Vetco Strengthens Its Position in Gas Processing
Vetco Aibel, the majority shareholder, has announced the acquisition of the remaining shares in Vetco Gas Technology AS (VGT) from current co-owners Statoil and Frank Mohn AS. Bergen-based VGT, with its staff of around 30, specializes in gas processing systems and equipment for oil and gas installations, while focusing on the industry need for environmentally-friendly technology. The acquisition is seen as a key step towards Vetco Aibel gaining global recognition for the supply of gas midstream treatment solutions.
R. Rasmus Sunde, president and CEO of Vetco Aibel, comments: "This is very positive news for all concerned. With 100 per cent ownership we can fully concentrate on growth and focus areas while exploiting the synergies between oil and gas processing. The staff working at what will become our integrated gas competence center in Bergen will benefit from a clear growth strategy and the additional resources in areas such as R&D. Finally, in line with our company philosophy, the product development process will continue to focus on environmental impact factors, in order to continue to produce better, cleaner, safer and more efficient solutions."
Vetco Gas Technology's current product portfolio includes flare gas recovery and ignition systems, hydrocarbon blanketing, and VOC recovery and gas compression systems. The intention is to grow and develop the product portfolio within gas technology as a fully integrated unit within Vetco Aibel.
The move strengthens VGT's position in the global market by broadening the sales channels in areas where Vetco Aibel is already established as a key provider of Modification, Maintenance & Operation services, inclusive separation products and technology.
Vetco Aibel is a leading provider of upstream oil and gas production facilities, process systems, technology and products. From new build to decommission, we also maintain, modify and operate on- and offshore facilities. With over 100 years of industry experience and over 6,000 professionals on all continents we are dedicated to meeting our customers' needs.
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